Marathon Petroleum Reports Significant Profit Decline in Q3 2024
Marathon Petroleum Corporation (NYSE:MPC) reported a significant drop in profits for Q3 2024, with net income falling to $622 million, or $1.87 per share, compared to $3.3 billion, or $8.28 per share, in the same quarter last year. The decline is attributed to lower market crack spreads affecting refining margins. Despite increased revenue, the sharp profit drop raises concerns for investors.